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The Financial Services Authority (FSA) has detailed a new plan to fix the London interbank offered rate (Libor).
Martin Wheatley, head of the watchdog, listed a ten-point plan to mend the setup, but did not go so far as to recommending getting rid of the benchmark interest rate.
Mr Wheatley claimed the system is currently broken and needs a complete overhaul in order to be put right.
He explained Libor would be difficult to scrap completely because it is so deeply entrenched in the UK's financial system.
Speaking to Reuters, director for competitive markets at the Confederation of British Industry lobby group Matthew Fell said any attempt to bring Libor under an independent regulator would remove the notion that banks are running the system with the benefit of other lenders in mind.
Mr Fell stated: "Focusing it on the most liquid trades will drastically reduce the scope for any manipulation, particularly at times of market stress."
By Claire Archer
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